I'll be 62 in April and am considering applying for SS benefits some time this year. My benefit will be about 1190/mo. I am still working and will make about 50k if I work all year. I believe I can earn about 9,600 before my SS benefit is reduced. Does all the money I make this year count against my benefit, or only the money I earn after I start receiving the benefit?Also, suppose I start receiving the SS benefit and then decide to go back to work and earn more then 9,600, what happens to my benefits? I understand that they will be reduced 1 dollar for every 2 dollars I earn (over 9,600)--but, when/how does this happen? At tax time next year? If my benefit is reduced (or totally lost), is it lost forever or will I get it back later? What I'm thinking is-- why not take the benefit no matter how much I earn and invest it during the year and then settle up at tax time.
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